Traders said many large investors were sitting on the sidelines now that the second quarter was behind them.
To be sure, many small investors remained somewhat shellshocked by the events of the last few days and sat tight on their holdings.
For now, investors can only sit back and watch the gamesmanship.
I wish I could get investors to sit down and ask good questions, but some people are just too stupid.
Many analysts insist that large institutional investors will sit on the sidelines until things - especially interest rates - sort themselves out.
Certainly, investors in bond funds have not sat quietly and watched their money evaporate.
With today's declines, investors who bought 30-year bonds at the start of the year are now sitting on paper losses of 10.1 percent.
Mutual funds reported that small investors sat on their hands for the most part.
Consequently, most investors who bought municipal funds last fall are sitting on large losses.
Despite the recent losses, most investors in these technology stocks are sitting on enormous gains: Amazon.com, for example, is still up 251 percent this year.